Motor Sich sees 36.4% fall in net profit in 2016
Net profit of public joint-stock company Motor Sich in 2016 was UAH 2.187 billion, and this was 36.4% down on 2015 (UAH 3.436 billion), according to preliminary data published by the company in an announcement about the annual general meeting of shareholders scheduled for March 30.
Undistributed profit last year grew by 15.7%, to UAH 15.663 billion.
The shareholders will consider distribution of profit for 2016 and approve dividends proposed by the supervisory board.
The supervisory board will be reshuffled.
Assets of Motor Sich in 2016 rose by 22.7%, to UAH 25.06 billion. Fixed assets and investment property value grew by 8.7%, to UAH 6.06 billion. Stocks increased by 28.6%, to UAH 13.14 billion and cash – by 87.3%, to UAH 2.32 billion.
The company said that its net worth last year expanded by 14.8%, to UAH 16.62 billion, noncurrent liabilities – by almost 2.6 times, to UAH 3.13 billion and current liabilities and collateral – by 12.3%, to UAH 5.31 billion.
Motor Sich is one of the world's largest manufacturers of engines for aircraft, as well as industrial gas turbines. It supplies products to more than 100 countries.